Delcy Rodríguez assumed Venezuela’s acting presidency in January 2026 after U.S. forces captured Nicolás Maduro, and she has retained the role beyond the initial 90-day constitutional window amid U.S. sanctions relief and diplomatic engagement. Trader positioning reflects ongoing U.S. influence over oil revenues and security cooperation, alongside domestic challenges from June earthquakes that killed thousands and tested government capacity. Key variables include scheduled talks with opposition factions, calls from U.S. lawmakers for elections, and whether Rodríguez can maintain PSUV support while advancing economic opening and prisoner releases. Resolution hinges on verifiable removal or resignation before any market deadline, with late shifts possible from internal military or legislative moves.